Oil closes lower for first time in 6 sessions; Brent below $75

Oil drilling rigs

Oil prices ended a five-session winning streak as investors assessed the implications of Donald Trump's victory in the US presidential election, coinciding with the release of weekly US oil inventory data.

Brent crude futures for January 2025 delivery fell by 0.8%, or 61 cents, to close at $74.92 a barrel, after touching $73.34.

WTI crude futures for December delivery fell 0.4%, or 30 cents, to $71.69 a barrel, after touching $69.74.

The Energy Information Administration data revealed that US crude inventories rose by 2.1 million barrels during the week ended Nov. 1, which exceeded expectations for an increase of 300,000 barrels, in light of the rise in imports and the decline in exports.

The weekly report showed that oil demand—measured by finished products supplied to the market—fell by about 1.9 million barrels per day to 19.7 million barrels per day, with oil production stable at 13.5 million barrels per day for the fourth week in a row.